In my previous posts, I repeatedly mentioned 18k, which is the 1.618 extension of the annual gains when bitcoin started to lose its mind. People were / are indulged in euphoria, thinking it'll go to 100k or 1m by the end of the year while ignoring the money supply discrepancy:
For bitcoin to go to 1M, NYSE, NASDAQ and most other major stock exchanges must close down because that's how much money needed to keep pumping bitcoin. NYSE's market cap is only $22 trillion. Bitcoin already at > $0.22 trillion. Does anyone think bitcoin is worth more than all the blue chip companies combined? Does anyone think bitcoin is worth more than farming that puts food on your table or industries that manufactures goods that you buy with money you make from speculating on bitcoin?
It is going down, and this is not a "correction". It's going to be a trend reversal. I think 9k is my initial target. Honestly, since 7k it has been only air. People imagine that "wall street" will help pump their coins to 1M or 100m -> no, wall street will bait you to pump up bitcoin so it can short it and take YOURS money into their own pockets. Banks are not charities.
Also check the indicators. Now it's certainly not finished. But I'm not saying it'll "crash". It's a trend reversal & slow drop.
@DrJLT Do you recommend to open a selling position with a T/P of $9000 ?
DrJLT
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@kindimania, Hi, I don't recommend shorting bitcoin. Rather, it's a good opportunity to buy alts. I wrote 9k as target but 1. I don't know the future & news comes / things change fast, 2. shorting crypto is not as lucrative as longing while the risk is too high.
lzlkenshin
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@DrJLT, Bloody lesson I learned was to trade Bitcoin. never follow the traditional tech analysis with all the surprise because of the manipulated price. Therefore, I guess that to be better in the Bitcoin is to buy in the dip and hold.